Bitcoin Breaks Through $6,000 Barrier

Yesterday saw a nearly $300 increase in the price of Bitcoin in a matter of hours, pushing the value past the next great marker of $6,000. At the time of writing the price remained hovering around $6,100, bumping the market cap of Bitcoin up and over $100 billion according to coinmarketcap.com

This came as a bit of a surprise in the face of ICO bans in countries like China, South Korea, as well as the heightened level of scrutiny the cryptocurrency market is under in the United States by the SEC. But even with these bans and regulatory commissions’ oversight creeping into the digital currency market and comments by those who don’t believe in Bitcoin’s potential, like Jamie Dimon, are not enough to halt the juggernaut currency.

What has been made clear by these incredible gains long before they were estimated to occur shows the currency’s resilience in the face of those who wish to see it fail. In a way, it proves how the price of cryptocurrency is less about what people in the traditional financial market think and more about the overall demand and trading volume of Bitcoin, which has increased dramatically right before the price surge.

The creation of Bitcoin options markets like the one LedgerX just got approved for by the Commodities Futures Trading Commission, will make the price increase as well due to people being given another way to interact with the Bitcoin market. As for the worry and angst surrounding the hard fork of SegWit2x, since it has become another two-sided debate between miners and businesses on one, and the users and developers on the other. Though it is still not certain if the fork will actually happen due to the larger exchanges like Bitfinex and Coinbase issuing statements, even if it does, the chain that has the support of most of the businesses and miners will likely be the one that will see the most marked increase in value.